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Ras Al Khaimah Bank’s net profit surges by 58.4%

Ras Al Khaimah’s National Bank, RAK Bank, in a statement this week announced that it had earned a net profit of AED635.9 million by the end of 2008. This meant the bank experienced an increase of 58.4 percent in its net profit, compared to the end of last year.

Ras Al Khaimah Bank’s net profit in the fourth quarter alone is expected to have increased by 42 percent, from the quarter before. Speaking about the success of RAK Bank, its general manager, Graham Honeybill, highlighted how 2008 was so far the best year in the bank’s history.

In addition to this, RAK Bank’s business advisor also outlined how the bank had witnessed an increase of 32 percent in retail customers. The retail customers increased to 330,000 in 2008 from 250,000 in 2007, which encouraged the bank to increase its workforce to 2,500.

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